In today’s briefing:
- Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount
- Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)
- Texas Roadhouse: A Tale Of Smart Menu Pricing & Inflation Defense Tactics!
- Asia File Update : 1st Quarter Results
- Cloudflare Inc.: Expansion in Zero Trust and SASE Solutions & Major Growth Levers!
- Korean F&B: Focus on Companies With Strongest Export Growth
- Carvana Co.: Is The Third-Party Marketplace Expansion Its Secret Weapon For Growth?
- VIAB US – How Paramount Global Is Mastering Linear-Streaming Synergy to Dominate Sports and Series!
- Royalty Pharma Flexes Financial Muscle: A $723 Million In Share Repurchases & Bold 2025 Outlook!
- HubSpot Inc.: How Is The Management Executing Mid-Market Expansion to Make Its Business More Resilient To Economic Fluctuations?
Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount
- TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level
- UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread
- CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher
Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)
- Samsung 3nm yields improving (50-60%) but still far behind TSMC (85-90%)
- SK Hynix is finalizing HBM4 agreements with Nvidia, Samsung is still not qualified for HBM3e.
- Huawei into semiconductor chemicals? The vulnerability is photo-resist, but that’s very hard to do
Texas Roadhouse: A Tale Of Smart Menu Pricing & Inflation Defense Tactics!
- Texas Roadhouse reported its first quarter financial results, demonstrating both strengths and challenges in its business performance.
- The company recorded a revenue of over $1.4 billion, with same-store sales increasing by 3.5% and average weekly sales reaching all-time highs.
- Notably, March experienced the highest weekly sales across Texas Roadhouse’s three brands: Texas Roadhouse, Bubba’s 33, and Jaggers.
Asia File Update : 1st Quarter Results
- Operating Business did well with filing revenues marginally declining and food ware business growing
- One off write off investment in associate and intangible asset
- Maintain the view that Risk Reward are asymmetrical as the company trades below cash
Cloudflare Inc.: Expansion in Zero Trust and SASE Solutions & Major Growth Levers!
- Cloudflare reported its financial performance for Q1 2025, showcasing several encouraging outcomes along with some aspects that warrant attention.
- The company achieved a revenue of $479.1 million, marking a 27% increase year-over-year.
- This growth was primarily driven by the addition of large customers, with 3,527 clients contributing over $100,000 annually—a 23% year-over-year rise.
Korean F&B: Focus on Companies With Strongest Export Growth
- In this insight, we provide 3 major fundamental criteria for screening major Korean F&B companies.
- Three major criteria include 3 years CAGR revenue growth of 5% or more, increase in net margin in 2024, and overseas sales more than 10% of total sales.
- Of the 30 Korean F&B companies mentioned in this insight, only six companies meet these criteria including Samyang Foods, Orion Corp, Hitejinro, Lotte Wellfood, Daesang Corporation, and Pulmuone.
Carvana Co.: Is The Third-Party Marketplace Expansion Its Secret Weapon For Growth?
- Carvana Co.’s latest earnings for Q1 2025 highlighted several key achievements as well as ongoing challenges.
- The company reported robust growth across several financial metrics, reflecting the effectiveness of its business model in a competitive and fragmented automotive retail industry.
- On the positive side, Carvana achieved record retail units sold at 133,898, representing a 46% increase year over-year.
VIAB US – How Paramount Global Is Mastering Linear-Streaming Synergy to Dominate Sports and Series!
- Paramount Global’s Q1 2025 financial results presented a mixed picture of the company’s performance and strategic positioning.
- On the positive side, Paramount reported a 2% revenue growth, when excluding the Super Bowl, alongside a significant year-over-year improvement in Direct-to-Consumer (DTC) OIBDA by approximately $180 million.
- The company also generated $123 million in free cash flow, demonstrating efficient cash management amid a challenging advertising environment.
Royalty Pharma Flexes Financial Muscle: A $723 Million In Share Repurchases & Bold 2025 Outlook!
- Royalty Pharma PLC’s recent earnings results for the first quarter of 2025 outline a period of significant financial performance and strategic initiatives.
- The company reported a 12% increase in royalty receipts, demonstrating solid cash flow stemming from its diversified portfolio.
- Total portfolio receipts grew by 17%, boosted by variable milestones and contractual payments, indicating a strong top-line performance.
HubSpot Inc.: How Is The Management Executing Mid-Market Expansion to Make Its Business More Resilient To Economic Fluctuations?
- HubSpot reported strong financial results for the first quarter of 2025, reflecting continued growth and strategic momentum.
- Revenue increased by 18% year-over-year in constant currency, driven by several key trends.
- The company added over 10,000 net new customers, bringing its total customer base to 258,000, with customer growth driven by platform consolidation, upmarket expansion, and robust downmarket acquisition.
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